Sponsored Research & Grants
What to look for in a Notice of Award
Most notices of award address these points:
- Period of Performance
These dates may not coincide with the dates of the total project period.
- Name of the Principal Investigator
This individual is responsible for conducting the project in accordance with University policies and sponsor requirements.
- Dollars Committed and/or Obligated
Not all project funds may be released at the beginning of the project but may be obligated incrementally. The sponsor is under no legal obligation to pay dollars not yet obligated.
- Future Year Commitments
These funds are contingent on their availability and on satisfactory progress on the project. Use these amounts for planning purposes.
- Cost Sharing
If the sponsor requires the University to contribute its own resources to the project, it usually specifies those requirements in the award notice. Accounting and reporting on these costs is a formal requirement for the University.
- Accounting and Reporting Obligations
Virtually all awards require technical and financial reports. Most awards require patent and property reports.
- Deliverables
Under some contracts, the University must deliver specified work products to the sponsor.
- Payment to University
Awards specify how the University will be funded or reimbursed by the sponsor.
- Special Terms and Conditions
The award may have additional terms and conditions which may specify such things as key personnel, limitations on availability or use of funds, need for prior approvals and similar additional oversight by the awarding agency. It is critical to understand these restrictions before incurring costs. The PI must take note of these requirements in addition to reading all referenced documents within the award notice.
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